US Housing Market Shifts: Increased Inventory, Rising Prices, and Affordability Challenges
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US Housing Market Shifts: Increased Inventory, Rising Prices, and Affordability Challenges
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About this listen
The US housing market continues to evolve with notable shifts in inventory and pricing. As of May 2025, housing inventory has increased significantly, showing nearly 20% growth year-over-year. This marks the highest level of available homes since before the pandemic began, with April 2025 recording a remarkable 30.6% increase in listings compared to the previous year.
The national median home price reached $403,700 in March 2025, representing a 2.7% increase from last year and setting a new record for the month. Industry leaders are forecasting continued price appreciation throughout 2025, with 21 out of 23 major organizations predicting an average increase of 2.7%.
Regional variations are becoming more pronounced, with the South and West experiencing the largest inventory growth at 31.1% and 40.3% respectively. The Midwest and Northeast are also seeing increased inventory, though at more modest levels of 17.7% and 11.3%.
Mortgage rates are currently averaging around 6.86%, slightly decreased from earlier highs but still elevated compared to pre-2022 levels. This continues to impact buyer sentiment, with pending home sales declining by 3.2% despite the surge in available homes.
The rental market is also seeing changes, with the national average rent now approximately $2,005, marking a 3.5% year-over-year increase.
Affordability remains a significant challenge, with a recent survey indicating only 36% of Americans are satisfied with local housing conditions, a notable decline from previous years.
In Texas, the market reflects broader national trends with a projected median home price of around $350,000 by year-end.
The growing inventory may create improved opportunities for first-time homebuyers, potentially giving them more negotiation leverage as the market continues to adjust to these evolving conditions.
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